What is Universe.xyz?
Hannah Scherwatzky / ONE37pm
Various NFT marketplaces and ecosystems tend to take more than they give and in the Web3 space, that doesn’t sit well with a lot of us, especially creators. That is why Universe.xyz aims to provide a platform for creators to make their dreams a reality.
Universe.xyz is an initiative that grants voting rights to $XYZ holders and lays the foundation for the Universe Protocol. The protocol is a social media NFT platform that provides minting, a marketplace, social tools, NFT tools, and auctions.
Universe was built by artists for artists to allow anyone to bring their own universe to fruition. Below you will find out exactly how they plan to do this.
When minting in Universe, you have the option to mint single NFTs, or entire collections. Formats of content that can be minted include videos, music, images, and more. Also, collections have the ability to hold sub-collections in them. The sub-collection can be used to add additional NFTs like layers of art, shows, merchandise, and music that can evolve over time.
This allows content to grow over time with community input, while still retaining links back to its origins and creators. In the future, Universe also aims to enable creators the ability to turn collections into mini DAOs in addition to an integrated social network.
Universe is also developing a decentralized auction house for NFTs. The auction feature will be structured so that you can use existing NFTs or mint new collections and create a multi-tier auction with numerous winners.
That means there can be ten winners of an auction starting from the highest bidder, and each winner can receive multiple NFTs. Of course, you will be able to specify the currency used to bid, and have the option to set a reserve price for specific tiers.
There will be no fees for initial auctions, allowing for all the revenue to go to the original creator. However, the xyzDAO will receive a 2% fee on every resale that occurs on the universe platform to support the DAO.
Universe.xyz creator royalties
Universe will allow creators to specify their royalty fee percentage for all their secondary sales. For example, if the creator chose to put a 10% royalty on an NFT, and it sold on secondary for 10 ETH, then the seller incurs a 1 ETH fee which is paid to the creator, and a 0.1 ETH fee for the 1% xyzDAO fee, meaning the seller receives 8.9 ETH after all fees have been paid.
To be clear, xyzDAO only takes a 1% fee from secondary sales and never takes money from an artist’s initial sale, with the exception of gas fees, meaning Universe is the first platform to give 100% of initial revenue to creators.
What is the xyzDAO?
The xyzDAO has full control over the parameters of the Universe Protocol, particularly the fees and future upgrades to Universe. Also, the DAO is in control of creating new collections and turning off the $XYZ token mint function.
The xyzDAO is a direct fork of the BarnBridge DAO, which was audited by Quantstamp and Haechi.
What is xyzToken ($XYZ)?
$XYZ is the native governance token that controls the xyzDAO and the Universe Protocol, other than that it has no other function. The initial supply of $XYZ is capped at 1 billion tokens, and a total of 69,777 $XYZ will be minted during a calendar year in order to revise the treasury and ensure long-term contributors can be a part of the project.
A stream of $XYZ will be released annually and distributed to the team, contributors, and the community.
Future plans for Universe.xyz
Future plans for Universe.xyz extends beyond what the protocol is already doing and includes things like a Universe social platform, Dapp integration, and gaming are all projected to be a part of the future economy of the Universe Protocol.
Here is what each plan might look like:
- The central communication hub of Universe.XYZ
- A rule driven ecosystem of communities
- Reddit like forum
- Digital Identity linked to specific NFT(s)
- Customizable Galleries and Slideshows
Universe dapp integration:
- Showcases collections and avatars with proof of ownership identification (NFT version of blue checkmarks)
- Forums for lore building universe.xyz’s NFTs (see Art/Media)
- On platform web-based decentralized games, some of which may leverage specific collections of NFTs
- Third-party network Dapp integration
- Games built with Web3 at their forefront
- Polymorphic Universe V2 - The first signature game on the platform. Members of the community will also be able to create new and different games as an extension of the universe
- This is one initial model but others will be able to create gaming functionality that can integrate into the Universe Protocol
Universe aims to be an all-in-one platform for artists and collectors alike. That doesn’t mean that is all the Universe is doing though. As the NFT and Web3 space continues to develop, there will be more opportunities for the governance and DAO to propose new paths, ultimately enabling the community to guide the direction of the protocol.
To learn more about Universe.xyz and all they have to offer, check out their official Whitepaper.
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